Class actions against the world's largest corporate auditing firms are spreading globally as governments bolster investor protection laws in countries where the Big Four firms have previously not faced substantial legal risks. Even as class action lawsuits dwindle in the United States due to court rulings and legislation, the number of countries allowing these kinds of suits has grown to more than 20, including recent additions Italy, Poland and Mexico. […] "Class action litigation can drive up costs to the breaking point fairly quickly," said Ed Nusbaum, head of 6th-largest audit firm, Grant Thornton International. "The U.S. firms have adjusted for this, but as class actions move around the world, there's a huge risk," he told Reuters. [Reuters]
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Apparently a Few People at PwC Are Feeling Shortchanged
The PricewaterhouseCoopers compensation post is still a hot thread, as the majority of news was about double-digit raises and bonuses have been reported from many although at least one commenter was skeptical that all the news was good in the PwC world:
“[P]robably the people most willing to share are the ones who got the most $.”
That comment was in response to someone who assumed PwC was throwing around “1” ratings (the firm’s highest) like boomies at a Phish show. Of course, not everyone can be so lucky and apparently there are a couple of terms being thrown around by the less fortunate.
Late last week a source close to PwC dropped us the following:
“Fonus”– noun; the much-diminished bonus Big 4 firms give to borderline staff they can’t afford to pay properly, but don’t want to quit.
Not to be confused with the ‘nonus,’ which is no bonus at all.
Apparently these terms have emerged this week as fonuses started appearing in people’s paychecks.
So not to worry “as expected” staff that can’t afford to quit your jobs! If you ended up with the 6%/0% instead of the 14%/10% or whatever, whathaveyou, you’re not alone! Plus, there are some fun terms you can throw around to help you bitch about it. Continue to discuss and keep us updated with any other fallout from the discussions – verbal creativeness or otherwise.
PwC’s Assurance Practice in the Middle East Now Opining on Whether Construction Workers Are Being Treated Like Human Beings
It’s a slow day out there*, this first day back from Memorial Weekend so perhaps I’m making a mountain out of a molehill here but it seems that PwC might be stretching the definition of assurance services. Based on various obscure reports, the firm fka PricewaterhouseCoopers has been engaged by Tourism Development ‘&’ Investment Company (“TDIC”) “to monitor its contractors’ and subcontractors’ performance in the area of worker welfare on Saadiyat.”
“Saadiyat” is Saadiyat Island, a “mixed commercial, residential, and leisure project […] expected to be completed in 2020,” according to Wikipedia. This sort of project of course needs manpower, so presumably there will be plethora of construction workers coming from various parts of the world to earn some scratch. Anyhoo, it’s no secret that labor comes cheap in the Middle East and the treatment of workers isn’t the best. In an effort to get those pesky human rights types off their backs, TDIC has called on the most prestigious professional services firm in the world to assure everyone that worker welfare is just fine and dandy and there’s no cause for concern that these workers are living in squalor and being treated like stray dogs:
In stringently monitoring compliance, PwC will report to TDIC on key aspects of worker welfare, including holding of personal documents, illegal recruitment fees, payment of wages, health and safety, and working and living conditions. The results of the audit reports will be released in a comprehensive report to the public on an annual basis. During the reporting cycles, PwC will conduct formal and informal interviews with construction workers in their own language, as well as with the Contractors’ and Sub-Contractors. In gathering facts and reporting their findings, PwC will conduct scheduled and surprise site visits to check contractors’ compliance. They will also be conducting site visits to assess the living and working conditions of the workers.
Considering the fact that Abu Dhabi has an average temperature of 88 degrees Fahrenheit, it’s safe to assume that those “site visits” will be an interesting experience.
PwC to monitor Saadiyat Island contractors’ performance in area of worker welfare [WAM]
*Unless you’re glued to the train wreck in Columbus.
Hugh Jackman’s Excitement for PwC’s Role in Oscar Night Not Shared by the Old Man
We all know that PwC can hardly contain their excitement when talk of the Oscars […]